Palin Enterprises acquires interest from Alvin Dworman valued at $65.1M in Manhattan

Palin Enterprises through the entity Capital Enterprises Midtown LLC acquired an interest in three properties from Alvin Dworman valued at $65.1 million for the 56-unit office building (O6) at 155 E. 55th Street in the Plaza District, Manhattan, the 79-unit rental (D6) at 65 West 55th Street in Plaza District, Manhattan, and the 105-unit rental (D6) at 210 E. 58th Street in Midtown East, Manhattan.
The deal closed on June 7, 2021 and was recorded on June 15, 2021.
The three properties have 333,136 square feet of built space and 0 square feet of additional air rights for a total buildable of 264,924 square feet according to PincusCo analysis of city data. The sale price per built square foot is $195 per the PincusCo analysis.

Alvin Dworman sold his stake in three properties he and Palin jointly owned as part of a settlement in a long-standing partnership dispute that went to arbitration and then the state’s appellate court.  It is not clear if the $65 million represents the stake that Dworman sold to Palin, or the entire value of the three properties. The city and state transfer taxes were imposed on the full $65 million.
The owners according to the Department of Housing Preservation and Development includes Michael Palin, head officer and Alvin Dworman, officer. The business entities are Halstead Management Company, Llc and 65 West 55th Capital, Llc.
Within a 400-foot radius of 65 West 55th Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 27, 2020 for the $2 million renovation of a 11,421-square-foot building with no residential units at 26 West 56th Street.
Of those five items, two were sales above $5 million totaling $22.2 million. The most recent of the two was Dreamaps Estate Ny LLC which bought the 14,680-square-foot, 12-unit rental (D7) on 45 West 55th Street for $12.2 million from Sierra Real Estate on June 14, 2021.
Of those five items, two were loans above $5 million totaling $44.7 million. The most recent of the two was George Malkemus which borrowed $8.0 million from Signature Bank secured by the 6,848-square-foot, five-unit office building (O5) on 33 West 54th Street and one other property on September 4, 2020.

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